UBS Wealth Management Americas has financially backed and adopted an alternative investment technology platform that gives high-net-worth clients access to private equity investments.
The Swiss bank’s US wealth management arm will integrate iCapital’s platform into its private fund operations, automating its alternative investment offering.
The platform allows investors and their advisors access to managers who have previously worked entirely with institutional investors. They can also access due diligence support, an automated subscription process and integration with custodial platforms. Investors can commit as little as $100,000 per fund, significantly below the average $5 million industry average.
iCapital Network declined to comment on the amount UBS had invested. BlackRock made an undisclosed commitment to the platform in December 2016.
The investment follows the hire of Tom Fortin, ex-BlackRock head of retail technology, in April. Fortin leads the firm’s technology development, including managing investor support services.
iCapital has more than $2.25 billion in private fund across more than 45 funds, with an investor network of more than 1,800 registered entities.
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